The Statistical Central Bureau (SCB) has released its latest data indicating a notable decline in Sweden’s industrial ordering activity for the month of June. According to the statistics released on August 10, 2023, the total industrial orders experienced a contraction of 7.1 percent when compared to May, based on seasonally adjusted figures.
In a year-on-year comparison, the situation appeared to be more positive. The industrial ordering activity displayed a marginal growth of 0.3 percent in terms of calendar-adjusted numbers, when contrasted with the figures from June of the previous year.
Within various sectors of the industry, the data unveiled that a majority of sub-industries faced a downward trend in terms of month-on-month seasonally adjusted figures. Both the domestic and export markets were impacted by this trend. The domestic market recorded a decline of 2.5 percent, while the export market saw a more significant contraction of 10 percent.
Shifting the focus to a year-on-year analysis, the overall industrial orders demonstrated a modest uptick of 0.3 percent, using calendar-adjusted figures. Interestingly, there was a striking divergence between orders from domestic customers and international clients. While orders from domestic customers witnessed a decrease of 11.3 percent, orders from international customers surged by an impressive 10.4 percent.
For the year-to-date period, spanning from January to June 2023, the aggregate industrial orders were observed to be 1.4 percent lower compared to the same period in 2022, when accounting for calendar adjustments. This downturn was reflected in both the domestic and export markets, with domestic orders contracting by 1.9 percent and export orders declining by 1.0 percent.
It’s crucial to note that these figures are subject to potential revisions, as the data for June is preliminary. Furthermore, SCB highlighted the importance of considering the impact of external factors, particularly the ongoing effects of the COVID-19 pandemic, when interpreting and analyzing the data.
The Statistical Central Bureau remains committed to providing accurate and timely economic insights, aiding businesses, policymakers, and researchers in understanding and navigating the challenges and opportunities within Sweden’s industrial landscape.